Technology

Top online brokerage takes on Japan megabanks with surprise bid

Top online brokerage takes on Japan megabanks with surprise bid

A billion-dollar unsolicited bid for an underperforming lender is Yoshitaka Kitao’s boldest move yet to build a fourth megabank in Japan. The aggressive offer by SBI Holdings Inc.’s maverick chief executive officer caps a two-year pursuit of Shinsei Bank Ltd. with 10 trillion yen ($91 billion) in assets.Since an initial approach in 2019, Kitao weighed launching a proxy battle to oust CEO Hideyuki Kudo earlier this year, before backing off when regulators balked.

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